Bitmine, the Ethereum treasury firm, scooped up more than 71,000 ETH last week — a sharp jump from its pace the week before. The buy comes as ether's price softened, and Fundstrat's Tom Lee pointed to rising oil prices as the culprit behind the pullback.
Ethereum accumulation accelerates
Bitmine's weekly haul represents a clear step up in its treasury strategy. The firm, which holds a substantial portion of its balance sheet in ether, has been steadily adding to its position for months. But last week's 71,000-plus figure more than doubled the previous week's purchases. The company didn't comment on the timing or rationale, but the move suggests confidence in ether's longer-term value even as short-term headwinds persist.
Lee blames oil, not crypto fundamentals
Tom Lee, co-founder of Fundstrat Global Advisors, said the current ether drawdown isn't a crypto-specific problem. In a note to clients, Lee stated that the pullback is tied to rising oil prices, which have been squeezing risk assets across the board. He didn't advise selling, but his framing puts the blame firmly on macro conditions rather than any Ethereum network issue or regulatory scare.
Bitmine's buying spree offers a counterweight to the bearish macro narrative. If a firm that lives and breathes ether is loading up at these levels, it signals institutional conviction. But the oil-driven volatility isn't going away overnight — and Tom Lee's warning means the macro cloud could hang over crypto for a bit longer. The question now is whether Bitmine keeps buying into the weakness or pauses after its big week.
